Huntington Beach-based casual dining operator BJ’s Restaurants Inc. struck a deal with two activist investors that includes three board nominees, one new director’s seat, and a $50 million share repurchase program.
The company said its agreement with a consortium of shareholders—which has a combined 16% stake in the company and is led by PW Partners Atlas Fund II LP and Luxor Capital Partners LP—calls for an additional board seat and the nomination of three board directors at BJ’s annual shareholder meeting. The appointment of the nominee for the new board seat, Mark McEachen, was effective immediately.
McEachen and fellow nominees Patrick Walsh and Noah Elbogen will stand for election at the shareholder meeting. John Grundhofer and William Hyde are scheduled to retire from the board at the meeting.
The company said in March that it was reviewing the group’s nominations.
―Kari Hamanaka
